01—Abstract
Summary
Summary of the 8-K filed June 23, 2025. Cited figures are marked; the original filing is the authoritative source.
MicroStrategy Incorporated d/b/a Strategy reported its at-the-market (ATM) offering and bitcoin holdings activity for the period June 16, 2025 to June 22, 2025.
The Common ATM, which sells Class A Common Stock, had no shares sold during the period and $18,631.2 milliona available for issuance as of June 22, 2025. The preferred stock programs were the only ones active: the STRK ATM sold 166,566 shares for $16.7 million in notional value and $17.4 million in net proceeds, and the STRF ATM sold 84,354 shares for $8.4 million in notional value and $8.7 million in net proceeds. Total net proceeds were $26.1 million.
The company stated that it used the proceeds from the STRK and STRF ATMs to buy bitcoin. During the period it acquired 245 bitcoin for an aggregate purchase price of $26.0 millionb, with an average purchase price of $105,856 per bitcoin, inclusive of fees and expenses. As of June 22, 2025, aggregate bitcoin holdings were 592,345 BTC, with an aggregate purchase price of $41,867.5 million and an average purchase price of $70,681 per bitcoin.
Under Item 7.01, the company noted that it uses its website, www.strategy.com, as a Regulation FD disclosure channel, including a dashboard of market prices, bitcoin holdings, KPI metrics and other supplemental information. The Item 7.01 information is furnished rather than filed for purposes of Section 18 of the Exchange Act.
02—Key points
Key Highlights
- No Common ATM (MSTR Shares) sales were reported for June 16 to June 22, 2025, leaving $18,631.2 million available under a $21 billion program established May 1, 2025.
- STRK ATM sold 166,566 shares, with $16.7 million notional value and $17.4 million net proceeds, leaving $20,551.0 million available under a $21 billion program established March 10, 2025.
- STRF ATM sold 84,354 shares, with $8.4 million notional value and $8.7 million net proceeds, leaving $1,966.4 million available under a $2.1 billion program established May 22, 2025.
- Total net proceeds from the ATM programs for the period were $26.1 million.
- Strategy acquired 245 bitcoin for an aggregate purchase price of $26.0 million, funded by proceeds from the STRK and STRF ATMs, at an average price of $105,856.
- Aggregate bitcoin holdings were 592,345 BTC as of June 22, 2025, with an aggregate purchase price of $41,867.5 million and an average purchase price of $70,681.
- The company uses www.strategy.com as a Regulation FD disclosure channel, and the Item 7.01 information is furnished rather than filed under Section 18 of the Exchange Act.
03—Questions
Frequently Asked Questions
Did Strategy sell any common stock through its at-the-market program during the week?
No. The filing reports no shares sold under the Common ATM (Class A Common Stock, MSTR Shares) for the period June 16 to June 22, 2025. As of June 22, 2025, $18,631.2 million remained available for issuance and sale under the $21 billion program.
How were the bitcoin purchases funded?
The filing states that the bitcoin purchases were made using proceeds from the STRK ATM and STRF ATM, which are the 8.00% series A perpetual strike preferred stock and 10.00% series A perpetual strife preferred stock programs.
How many bitcoin does Strategy hold and what did it pay for them?
As of June 22, 2025, Strategy's aggregate bitcoin holdings were 592,345 BTC, with an aggregate purchase price of $41,867.5 million and an average purchase price of $70,681 per bitcoin. Aggregate and average purchase prices are inclusive of fees and expenses.
How much capacity remains under the preferred stock ATM programs?
As of June 22, 2025, $20,551.0 million remained available under the STRK ATM, a $21 billion program established March 10, 2025, and $1,966.4 million remained available under the STRF ATM, a $2.1 billion program established May 22, 2025.
Where does Strategy disclose information for investors on an ongoing basis?
The company maintains a dashboard on its website, www.strategy.com, which it uses as a channel for broad, non-exclusionary distribution of information, including market prices of its securities, bitcoin purchases and holdings, KPI metrics and other supplemental information. Investors are encouraged to review it regularly.
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